2025.07.07 CC Packet - Laserfiche WebLink

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172981943v5 10 (13) Payment of Lender’s Loan fees of $22,000.00 with respect to the Note, plus reimbursement of the Lender’s transaction expenses; (14) A commitment or proforma title policy from Title in form and content acceptable to the Lender to issue an ALTA title policy to the Lender insuring the Mortgage as a first lien on the Land, together with true and complete copies of all documents affecting title to the Land and such endorsements to the policy as required by the Lender; (15) Payment of all Issuance Expenses; (16) Certificates of Insurance covering the Facility in form and substance acceptable to the Lender; (17) Authorizing resolution of Borrower; (18) FIRREA compliant appraisal from an appraiser selected by Lender for the Land and Facility, all in form and content acceptable to Lender; (19) The payment of the Equity Injection due at Closing; and (20) ALTA survey in form and content acceptable to the Lender. Section 3.3 Advance and Disbursement of the Loan. Pursuant to this Agreement and the Act, the City has authorized the Borrower to provide directly for the financing of the Project in such manner as determined by the Borrower and hereby authorizes the Lender to advance and disburse the proceeds of the Note directly to the Borrower or such other parties as may be entitled to payment or reimbursement in accordance with this Agreement, upon receipt of such supporting documentation as the Lender may deem reasonably necessary or as required by this Agreement. On the date hereof, $[______] of the proceeds of the Note will be advanced and disbursed for Issuance Expenses. The remaining $[_________] of the proceeds of the Note will be advanced to pay the purchase price. Notwithstanding any other provision hereof, no proceeds of the Note shall be applied to payment of the costs of any portion of the Facility that is designed for use or will be used primarily as a place for devotional activities or religious education or worship. Section 3.4 Repayment. Subject to the prepayment provisions set forth in the Note, the Borrower agrees to repay the Loan by making all payments of principal, interest and any premium, penalty or charge that are required to be made by the City under the Note at the times and in the amounts provided therein. All payments shall be made directly to the Lender as provided in the Note for the account of the City. The Borrower represents and covenants that the source of payment of the Note is from revenues derived from the operation of its business and the Facility and other funds of the Borrower obtained pursuant to its tax-exempt purposes. Section 3.5 Borrower’s Obligations Unconditional. All payments required of the Borrower hereunder shall be paid without notice or demand and without setoff, counterclaim, abatement, deduction or defense. The Borrower will not suspend or discontinue any payments, and will perform and observe all of its other agreements in this Agreement, and, except as expressly